Superannuation, or “Super” as it is known colloquially, is money which is put aside by your employer each quarter, and which can only be accessed once you retire or reached 65. The payment rate for Super is currently 9.5% of your gross wages.

If Super is not paid on time, it can become a non-deductible expense to the business, costing the business owner much more money. Super is a mandatory payment due, and payable by your employer, each quarter. Dates for the 2018/2019 Financial Year are as follows:

June Qtr           28 July
Sept Qtr           28 October
Dec Qtr            28 January
March Qtr         28 April

Although mandatory, some businesses do not pay their employees super. However, with the introduction of One Touch Payroll being rolled out, the government will have the ability to follow up with businesses who are non-compliant with superannuation rules.

There are exceptions to the rules though, for example, there are different rules for businesses who employ workers under the age of 18; for these employees, superannuation is not payable for employees who work less than 30 hours per week. Also, most awards explain that super is paid to employees who earn over $450.00 per month. Additionally, to be paid super in the hospitality and restaurant industries, these awards have a lower threshold of earning $350 per month.

Of course, there is plenty that we could say about Super, however we would love to hear from you and help you personally. So, if you have any questions please contact us on 0417 150 555 or via our Facebook Page.